Pension scams – cold calling ban confirmed
2nd October 2017
Late last year the Government launched a consultation to look at interventions which could be put in place to help protect people from being scammed out of their pension.
People work hard to accrue their savings over their working life and unfortunately this is a target for many fraudsters.
Cold calling is considered to be the most common method used by scammers and fraudsters, so the Government has announced a ban on cold calling in relation to pensions, which will also be extended to include emails and text messages.
The only exceptions exist where a firm already has an existing relationship with a person and contact with someone who has expressly requested information from a firm. These two exemptions legitimately allow contact to be made.
Whilst this won’t necessarily stop the scammers, it sends a clear message to them and will help stop the unsolicited contact that many people get.
The Government is to work on the finer details to bring in enforcement of this, but we think this ban is welcome news and necessary to help protect people and their savings.
In the meantime, if you suspect you have been contacted by an unauthorised firm you can report it using the following link: https://www.fca.org.uk/consumers/report-scam-unauthorised-firm
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